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| Business owners 'worried about Capital Gains Tax' |
Company owners in the UK are worried about the prospect of tax rises in tomorrow's mini-Budget, it has been claimed.
According to the British Chambers of Commerce (BCC), almost half are worried about the prospect of Capital Gains Tax increases, despite assurances from the government that it is aiming to foster private sector growth.
The BCC found that many bosses are fearful that the government will struggle to accurately differentiate between 'business' and 'non-business' assets.
David Frost, director-general of the organisation, said the chancellor "must tread carefully" to avoid introducing damaging new taxes that negatively affect private-sector growth.
"Short-term revenue gains would be outweighed by longer-term economic consequences, from reduced business investment to lower rates of job creation," he stated.
"Any tax rises must be focused on consumption taxes rather than payroll, income or profits."
George Osborne will deliver his first Budget statement as chancellor in the House of Commons tomorrow. |
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